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Unemployment is an indication of the health of the economy. Unemployment means that there is a...

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Economics

Unemployment is an indication of the health of the economy.Unemployment means that there is a portion of theproductive population (labor force) that is not producing andunable to earn income for consumption and/or for investment. Themore unemployed workers there are, the less output the economy willbe able to produce. High unemployment also means that there areless wages available in the hands of people to consume, whichreduces the incentive or need for suppliers to produce at fullcapacity (lower GDP). Moreover, unemployment means that there aremore workers available for work in the labor market (high supply)than jobs (demand). Higher unemployment leads to a reduction in theprice of labor (wages).

Now let's examine the unemployment in the United Sates.

  1. review the following to learn about the relationship betweenage, race, gender, and unemployment.
    • Discuss the differences in unemployment rates by gender, age,educational attainment, and so forth, and provide possibleexplanation for the variations in unemployment over time and thevariation in unemployment by age, gender, educational attainment,and race.
    • What interests or surprises you?

Answer & Explanation Solved by verified expert
3.7 Ratings (360 Votes)
Unemployment among young people begins when they are eligible to work According to the International Labor Office ILO young people are increasingly having trouble when looking for their first job ILO 2011 The sharp increase in youth unemployment and underemployment is rooted in longstanding structural obstacles that prevent many youngsters in both OECD countries and emerging economies from making a successful transition from school to work Not all young people face the same difficulties in gaining access to productive and rewarding jobs and the extent of these difficulties varies across countries Nevertheless in all countries there is a core group of young people facing various combinations of high and persistent unemployment poor quality jobs when they do find work and a high risk of social exclusion Keese et al 2013 The rate of youth unemployment is much higher than that of adults in most countries of the world ILO 2011 Keese et al 2013 OHiggins 1997 Morsy 2012 Official youth unemployment rates in the early    See Answer
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